Story of Fennovoima

Finland's youngest nuclear power company has grown to become a work community of hundreds of professionals. We have what it takes to produce emission-free electricity for Finland. This page tells Fennovoima's story through its most significant events.

Finland's latest nuclear power company has grown to become a work community of hundreds of professionals. We have what it takes to produce emission-free solution for Finnish electricity production. This page is telling Fennovoima's story through it most significant events.

Year 2015


Fennovoima submits the construction license application to the Ministry of Economic Affairs and Employment. The application describes, among other things, the chosen site, power plant type, the most important safety systems, nuclear waste management, financing of the project, and Fennovoima’s organisation.

Fennovoima will supplement its application with the design materials of the nuclear power plant. The company has to be able to show that the plant will be built to meet the Finnish safety requirements and orders of the authorities. A prerequisite for being granted the construction license is a positive safety assessment from STUK. SRV and Fortum join the project, and Outokumpu increases its shareholding.

Preparatory work of the future nuclear power plant starts in Pyhäjoki. The future site of the plant is cleared and fenced, and it is raised in height. In October, the access road from national road 8 to the plant site is completed. The new Hanhikiventie road is about 4 kilometres long.

At the end of the year, Fennovoima has over 200 employees.

Year 2014


The application to supplement the Decision-in-Principle is instituted in March. The supplemented Decision-in-Principle is approved in the parliament by 115 votes to 74 on the 5th of December 2014.

At the end of March, 34% of Fennovoima’s shares are transferred to RAOS Voima Oy, Rosatom’s Finnish subsidiary. In April, RAOS Voima and Voimaosakeyhtiö SF, consisting of Finnish industrial and energy companies, make the final investment decision on the construction and financing of the Hanhikivi 1 nuclear power plant.

In December, Fennovoima applies for an environmental permit for the nuclear power plant. The permit application describes the use-phase operations of the nuclear power plant and its environmental impact.

Year 2013


Rosatom is invited to direct negotiations parallel to Toshiba, and negotiations with Rosatom are meant to be completed by the end of the year. It begins to look as if Rosatom’s tender will be the most lucrative one. The nuclear power plant type would change, so its environmental impact would need to be reassessed.

In September, Fennovoima and Rosatom’s subsidiary Rusatom Overseas sign a development contract of the project, aiming at an agreement on the delivery of the nuclear power plant. The contract is signed in December.

Year 2012


After Fennovoima receives tenders from Toshiba and Areva, agreement negotiations start. The tenders cover the delivery and construction of reactor and turbine islands.

In October, Fennovoima’s minority shareholder E.ON starts the process of selling its operations and shareholdings in Finland, including Fennovoima shares. Hence, Fennovoima has to find a new partner for the project. After E.ON left, a few Finnish owners decide to back down from the project.